Loan Comparison: 2.88% vs 6.5%
16297 Hobson Place, Monument, CO 80132 · 4bd/5ba · $675,000
List Price
$675,000
Assumable Rate
2.88%
Remaining Balance
$234,098
Equity Gap
$440,902
Loan Type
VAAdjust Your Scenario
$33,750
$33,750$440,902
7.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.88% (VA)
Blended Rate: 5.81%
Monthly Payment Comparison
New Conventional @ 6.5%
$4,053/moAssumable @ 2.88% + gap loan
$3,819/moAssumed loan: $972/mo
Gap financing: $2,847/mo
$234less per month with the assumable
Your Savings on This Property
16297 Hobson Place, Monument · 2.88% VA vs 6.5% conventional
$234
per month
$2,813
per year
$84,380
over 30 years
$84,380
interest saved
How gap financing works: The equity gap ($440,902) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($33,750, 5% of purchase price) and a second mortgage for the rest ($407,152 at 7.5%). Even with two payments, the blended cost is typically much lower than a new conventional loan. We work with lenders who specialize in assumption gap financing.
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